SIPALD: what changed
Two fiscal years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
SIPALD
Largest movements
- Receivables within one year +€17,376
up €17,376 (+21.4%), from €81,278 to €98,654
of which Other amounts receivable: +€15,760
- Cash +€15,606
up €15,606 (+466.3%), from €3,347 to €18,953
mainly Net result for the year (+€63,813) and Tax, wage and social debts (+€6,502)
- Tangible fixed assets -€4,716
down €4,716 (-38.5%), from €12,260 to €7,543
of which Leasing and similar rights: -€3,630
- Deferred charges and accrued income +€2,448
up €2,448 (+577.8%), from €424 to €2,872
- Profit (loss) carried forward +€18,813
up €18,813 (+175.8%), from €10,700 to €29,514
- Tax, wage and social debts +€6,502
up €6,502 (+123.8%), from €5,250 to €11,752
- Trade debts +€5,399
up €5,399 (+93.8%), from €5,757 to €11,156
- Gross operating margin +€18,427
up €18,427 (+28.0%), from €65,878 to €84,304
- Taxes +€7,571
up €7,571 (+80.4%), from €9,421 to €16,992
- Financial income +€3,724
up €3,724 (+37244500.0%), from €0 to €3,724
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €97,308 | €128,022 | +€30,714 | +31.6% |
| Fixed assets | 21/28 | €12,260 | €7,543 | -€4,716 | -38.5% |
| Tangible fixed assets | 22/27 | €12,260 | €7,543 | -€4,716 | -38.5% |
| Furniture and vehicles | 24 | €2,404 | €1,318 | -€1,086 | -45.2% |
| Leasing and similar rights | 25 | €9,856 | €6,226 | -€3,630 | -36.8% |
| Current assets | 29/58 | €85,048 | €120,478 | +€35,430 | +41.7% |
| Amounts receivable within one year | 40/41 | €81,278 | €98,654 | +€17,376 | +21.4% |
| Trade receivables | 40 | €16,931 | €18,547 | +€1,616 | +9.5% |
| Other amounts receivable | 41 | €64,346 | €80,106 | +€15,760 | +24.5% |
| Cash at bank and in hand | 54/58 | €3,347 | €18,953 | +€15,606 | +466.3% |
| Deferred charges and accrued income | 490/1 | €424 | €2,872 | +€2,448 | +577.8% |
| Total equity and liabilities | 10/49 | €97,308 | €128,022 | +€30,714 | +31.6% |
| Equity | 10/15 | €29,300 | €48,114 | +€18,813 | +64.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | €18,600 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €10,700 | €29,514 | +€18,813 | +175.8% |
| Amounts payable | 17/49 | €68,007 | €79,908 | +€11,900 | +17.5% |
| Amounts payable within one year | 42/48 | €68,007 | €79,908 | +€11,900 | +17.5% |
| Current portion of amounts payable after more than one year | 42 | €12,000 | €12,000 | = | 0.0% |
| Trade debts | 44 | €5,757 | €11,156 | +€5,399 | +93.8% |
| Suppliers | 440/4 | €5,757 | €11,156 | +€5,399 | +93.8% |
| Taxes, remuneration and social security | 45 | €5,250 | €11,752 | +€6,502 | +123.8% |
| Taxes | 450/3 | €5,250 | €11,752 | +€6,502 | +123.8% |
| Other amounts payable | 47/48 | €45,000 | €45,000 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,740 | €4,716 | -€24 | -0.5% |
| Other operating charges | 640/8 | €1,912 | €1,092 | -€819 | -42.9% |
| Gross operating margin | 9900 | €65,878 | €84,304 | +€18,427 | +28.0% |
| Operating profit (loss) | 9901 | €59,226 | €78,496 | +€19,270 | +32.5% |
| Financial income | 75/76B | €0 | €3,724 | +€3,724 | +37244500.0% |
| Recurring financial income | 75 | €0 | €3,724 | +€3,724 | +37244500.0% |
| Financial charges | 65/66B | €2,236 | €1,415 | -€820 | -36.7% |
| Recurring financial charges | 65 | €2,236 | €1,415 | -€820 | -36.7% |
| Profit (loss) for the period before taxes | 9903 | €56,990 | €80,805 | +€23,815 | +41.8% |
| Income taxes | 67/77 | €9,421 | €16,992 | +€7,571 | +80.4% |
| Profit (loss) for the period | 9904 | €47,569 | €63,813 | +€16,244 | +34.1% |
| Profit (loss) for the period to be appropriated | 9905 | €47,569 | €63,813 | +€16,244 | +34.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.